Money and the Monetization of Credit
The relationship between money and credit is developed in terms of "know-who" networks. It is suggested that the link between dynamics and equilibrium theory in economics can be built by regarding the noncooperative no-credit and the general equilibrium models as providing lower and upper bounds to the dynamics. The dynamics involves the reinforcement of trust in "know-who" networks. Some suggestions for the measurement of the velocity of money and credit are made.
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- Martin Shubik, 2000.
"The Theory of Money,"
Cowles Foundation Discussion Papers
1253, Cowles Foundation for Research in Economics, Yale University.
- Arthur, W Brian, 1989. "Competing Technologies, Increasing Returns, and Lock-In by Historical Events," Economic Journal, Royal Economic Society, vol. 99(394), pages 116-31, March.
- Kiyotaki, Nobuhiro & Wright, Randall, 1989. "On Money as a Medium of Exchange," Journal of Political Economy, University of Chicago Press, vol. 97(4), pages 927-54, August.
- Dubey, Pradeep & Mas-Colell, Andreau & Shubik, Martin, 1980. "Efficiency properties of strategies market games: An axiomatic approach," Journal of Economic Theory, Elsevier, vol. 22(2), pages 339-362, April.
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